Homework Answers
Solution
| Hayward company | ||
| Schedule of Cost of Goods Manufactured | ||
| Direct Material | ||
| Raw material Inventory Beginning | $ 3,475.00 | |
| Raw material Purchased | $ 15,000.00 | |
| Raw material available for use | $ 18,475.00 | |
| Less: Raw material Inventory Ending | $ 9,500.00 | |
| Direct Material Used | $ 8,975.00 | |
| Direct labor | $ 10,500.00 | |
| Manufacturing overheads | ||
| Material handling | $ 3,750.00 | |
| Supplies used | $ 675.00 | |
| Factory insurance | $ 350.00 | |
| Factory supervision | $ 2,225.00 | |
| Repairs and maintenance-plant | ||
| Total Manufacturing overheads | $ 7,000.00 | |
| Total manufacturing Cost During the month | $ 26,475.00 | |
| Add: Work in process Beginning | $ 12,500.00 | |
| Total Work in Process | $ 38,975.00 | |
| Less: Work in progress Ending | $ 14,250.00 | |
| Cost of Goods Manufactured | $ 24,725.00 | |
.
| Hayward company | ||
| Schedule of cost of goods sold | ||
| Beginning Finished Goods Inventory | $ 6,685.00 | |
| Add: Cost of goods manufactured | $ 24,725.00 | |
| Goods Available for sale | $ 31,410.00 | |
| Less :Ending Finished goods Inventory | $ 4,250.00 | |
| Cost of Goods Sold | $ 27,160.00 | |
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